GIC, ADIA invest $230 million in renewable energy firm Greenko Energy Holdings
GIC invested its share of $80 million in March and the ADIA entity will invest the remaining $150 million, the company said in a statement.07-06-2016
07-06-2016
Fixes Book Closure for Dividend & AGM
GIC Housing Finance Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from July 16, 2016 to July 27, 2016 (both days inclusive) for the purpose of Payment of Dividend & 26th Annual General Meeting (AGM) of the Company to be held on July 27, 2016.Dividend, if approved at the said Annual General Meeting, will be payable on or after August 08, 2016.06-06-2016
EgyptAir crash: GIC stares at claims of up to Rs 50 crore
MUMBAI: General Insurance Corporation of India, the country's designated national reinsurer, expects a $5-7.5 million (Rs 33-50 crore) insurance claim in connection with Thursday's crash of an EgyptAir Airbus A320 in the Mediterranean Sea. The claim will relate mainly to passenger liability and damage to the airline. "We have a 5.5% share (of the total claim) in the Egyptian airline," said a GIC executive. "For us, the claim will come from two segmentshull and machinery, and passengers' liability. This could come to $5-7.5 million." Flight MS804 had 56 passengers and 10 crew members on board. A massive search operation is on near Greece's Karpathos island where some remains of the aircraft and passengers have been found. Insurance companies are assessing the liability claims, which depend on the nationality and profiles of passengers. Ireland-based insurer XL Catlin was the lead underwriter for the ill-fated plane. Compensation awards for passenger legal liability depend on the nationality and are expected to be lower as most of the passengers were Egyptian. For US passengers, the limit varies from $1 million to $5 million. "Liability claims will be based on the court jurisdiction," said the executive, who did not wish to be named. With excess capacity for aviation in the market, the incident is unlikely to result in hardening of rates. Premium is directly proportional to claims. The insurance market has been soft despite large claims in the sector, including those relating to last year's crash of Germanwings and Malaysia Airlines planes. There is excess capacity of around 250% of what...24-05-2016
Govt promotes 4 general managers as directors at general insurers
MUMBAI: The Central government has elevated four general managers of state-owned general insurers as whole-time directors, including at GIC Re. Ironically, some who were promoted recently have already retired within days of assuming charge, while a few other will hang up their boots within a month of taking over their new positions. Industry sources attributed this to long delays in vigilance clearances for the candidates. Officials who have been promoted as whole-time directors include A Hoda at United India Insurance, K K Rao at Oriental Insurance, P Venkatramaiah of National Insurance Company and Segar Sampath Kumar at New India Assurance. The government has created one more post of whole-time director at the country's sole reinsurer GIC Re. With this, all the five state-owned non-life insurers will be having two wholetime directors each. Unlike public sector banks and Life Insurance Corporation, the public sector general insurers do not have the post of executive directors. These officials, even after being elevated as directors, are designated as general managers. K K Rao who took over as wholetime director at Oriental Insurance on April 26, retired just four days later on April 30, thus creating a vacancy again. Segar Sampath Kumar, who is currently with New India Assurance as a general manager, is likely to assume charge as the second wholetime director at GIC Re shortly. G C Gaylong is already a wholetime director at GIC Re. A Hoda of United India and P Venkatramaiah of National Insurance Company have already assumed charge as wholetime directors. The other directors who...22-05-2016
Change of Registrar and Share Transfer Agent and Appointment of Auditor for Audit of Dividend Payout and Share Transfer Processed by Sharepro
GIC Housing Finance Ltd has informed BSE about change of Registrar and Share Transfer Agent and Appointment of Auditor for Audit of Dividend Payout and Share Transfer Processed by Sharepro.11-05-2016
Puranik Builders raises Rs 300 crore from KKR
KKR finances projects from its real estate-focused non-bank finance company (NBFC), a vehicle which counts GIC of Singapore among its partners.10-05-2016
Board recommends Dividend
GIC Housing Finance Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 29, 2016has recommended a Dividend for F.Y. 2015-16 @ 50% i.e. Rs.5/- per equity share of Rs.10/- each.29-04-2016
Standalone Financial Results, Form A, Auditors Report for March 31, 2016
GIC Housing Finance Ltd has informed BSE about : 1. Standalone Financial Results for the period ended March 31, 20162. Standalone Form A for the period ended March 31, 20163. Standalone Auditors Report for the period ended March 31, 201629-04-2016
Canada's CPPIB, Macquarie join race to buy malls
This comes close on the heels of Blackstone, GIC acquiring malls or stake in them27-04-2016